Marx predicted the demise of capitalism through a workers’ revolution that would lead to a utopian “classless society” where, according to Marx, “people work according to their ability and get according to their needs” and “in which the free development of each is the condition for the free development of all.” [2]

2. Karl Marx’ societies in practice.

2a- The Russian communist revolution led by Stalin wanted to set up that World. Here are some of the results:

Trotsky [3] got assassinated by his former comrade.

Communist cadres deposed the small capitalists, took their privileged positions and enjoyed the positions themselves, the lower classes are still not better off [4].

“During the Mao Zedong years, China was a poor socialist country. Now China is a poor capitalist country. Overall, the average Chinese did not get the benefit,” he said. [7b, 7c]

3. Deficiency of Karl Marx’ theory

Karl Marx’ teaching could not address one of human long known characteristics of being cruel and selfish.

This unaddressed issue has turned Karl Marx’ dream society into one where people pretend to work, the state pretends to have satisfied all their needs. and power pampers, corrupts officials while neglecting low level workers.

4. Even attempting to look Marxist had made Venezuela bankrupt.

Venezuela is an oil rich country. It wanted to set up a “Socialist” political system. Its inflation is now rampant and its people are running around for food.

The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s. The government then established populist social welfare policies that initially boosted the economy and increased social spending reducing economic inequality and poverty. However, such… policies later became inadequate, causing the nation’s collapse as their excesses—including a uniquely extreme fossil fuel subsidy—are widely blamed for destabilizing the … economy.

The destabilized economy led to a crisis resulting in hyperinflation, an economic depression, shortages of basic goods and drastic increases in unemployment, poverty, disease, child mortality, malnutrition and crime.

By 2017, Venezuela was declared to be in default In 2018, the country’s economic policies led to extreme hyperinflation, with estimates expecting an inflation rate of 1,370,000% by the end of the year. [8]